1Q27: BIM There, Done That; Time to Maintain It; ADSK to Acquire MaintainX

研报英文原文证据摘录

1Q27: BIM There, Done That; Time to Maintain It; ADSK to Acquire MaintainX

Investment Thesis

Autodesk has a stronghold in CAD & BIM software but has increasingly broadened the product portfolio and created industry-

specific cloud collections (Forma, Fusion, Flow) to encompass more stakeholders and streamline workflows across Design, Make,

and Operate. This has resulted in significant TAM growth and ADSK continues to innovate and bring new monetization opportunities

into the fold, both of which provide significant runway over the MT for continued, yet disciplined growth. Lastly, ADSK continues

to make strides on its margin profile, and we see ADSK's FY29 OM target (+41%) as feasible.APPLICATION

Upcoming Catalysts Price Performance

■ 2Q27 Earnings $400

■ Progress towards its FY29 OM targets (41% non-GAAP, reported) $380

$360

$340

$320SOFTWARE

$300

$280

$260

Base Case Assumptions: $300 Price Target $240

$220EQUITY ■ FY27E/FY28E revenue growth of 14%/11%, respectively $200

■ FY27E/FY28E FCF margins of 34%/35%, respectively Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

ADSK

S&P 500 (rebased)

Source: FactSetRESEARCH Upside Scenario: $355/sh Company Description

■ FY27E/FY28E revenue growth of 14%/12%, respectively Autodesk provides software for

■ FY27E/FY28E FCF margins of 35%/36%, respectively architecture, engineering, construction,

manufacturing, media/entertainment

across its product portfolio. The company

was founded in 1982 and was a pioneer

in CAD software (computer aided design)

where it remains a leader as well as

Downside Scenario: $180/sh BIM (building information modeling).

■ FY27E/FY28E revenue growth of 11%/8%, respectively The company is headquartered in San

■ FY27E/FY28E FCF margins of 33%/34%, respectively Francisco.